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Shanghai copper was volatile
last week.
The average weekly settlement price of the current month contract is 52,032 yuan / ton, an average daily increase of 38 yuan / ton; The average price of the previous week was 49,896 yuan / ton, up 4.
28%
from the previous week.
Shanghai copper inventories continued their upward trend last week, increasing by 21,311 tons to 158647 tons, an increase of 15.
52%, and a cumulative increase of 58.
69%
in the past three weeks.
Last week, London copper retraced
to its highs.
The average price of LME copper in the first four trading days was 6462.
75 US dollars / ton, down 4.
75 US dollars / ton per day; Last week's average price was $6259/ton, up 3.
26%
month-on-month.
China's copper imports surged by more than 50% month-on-month in June, doubling year-on-year, due to the expansion of manufacturing activities, the obvious rebound of downstream consumption, and the shortage of scrap copper supply.
Recently, domestic refined copper stocks have continued to rise, and inventory inflection points have appeared, but the overall global explicit inventory is still at a low level
.
At present, downstream consumption has signs of marginal weakening, and the impact of import sources is large, as well as macro unfavorable factors such as Sino-US tensions, copper prices were hindered last week, and overall remained high and volatile
.
In terms of the market, in the week of July 17, domestic spot copper prices fluctuated
at a high level.
The average price of Yangtze River nonferrous metal network 1# copper was 52142 yuan / ton, up 194 yuan / ton per day, and up 1.
91% on a weekly basis; The average price of the previous week was 49964 yuan / ton, up 2178 yuan / ton compared with last week, up 4.
36%
from the previous week.
As of Friday, the spot aluminum price of the Yangtze River was reported between 14340-14380 yuan / ton, down 370 yuan from last week, and the future premium expanded to 280; It is expected that the short-term decline will slow down, and it is not ruled out that it will rise steadily, and it is expected that the spot aluminum fluctuation range in East China next week will be 14250-14500; Operate a small buy
.
In terms of inventory, last week's domestic social electrolytic aluminum stocks, Shanghai area 106,000 tons, Wuxi area 21.
6 tons, Hangzhou area 100,000 tons, Gongyi area 42,000 tons, South China Sea area 175,000 tons, Tianjin 59,000 tons, Linyi 06,000 tons, Chongqing 04,000 tons, consumption of aluminum ingot stocks totaled 708,000 tons, weekly storage reduction of 04,000 tons
.
In the first half of the year, China's economy first fell and then rose, and its economic operation showed a trend of recovery growth and steady recovery, but external risks and challenges increased significantly, and domestic economic recovery was still under pressure
.
Fundamentals, Chilean copper mine strike speculation cooled, but there is still support on the supply side; The domestic automotive industry continues to pick up, wire and cable related demand remains high, real estate investment in June increased year-on-year, copper demand in the second half of the year is still worth looking forward to, overseas demand is in the recovery stage, copper prices are expected to continue to fluctuate
at a high level.
